Rooftop Solar Photovoltaic (PV) Installation Market Overview:

Global Rooftop Solar Photovoltaic (PV) Installation Market was valued at $29,770 million in 2016, and is expected to reach $64,671 million by 2023, registering a CAGR of 11.2% from 2017 to 2023. Rooftop solar PV installation is an electrical installation that converts solar energy into electricity. In the recent years, solar photovoltaic rooftop has emerged as a potential green technology to combat climatic change by reducing dependence on conventional fossil fuel based energy. Rooftop solar PV systems are distributed power generation systems, which helps to meet buildings energy needs by provide electricity within an existing distribution network. The rooftop PV (RTPV) systems are smaller in size and are installed on rooftop residential and commercial buildings. Moreover, solar energy being renewable source of energy, helps to meet the country specific policy goals for secure, reliable, and affordable energy by providing electricity access with lesser price variations. and therefore, decrease in price of solar energy has led to the demand for production of solar power, which proves to be a cost-effective solution.

The rooftop solar photovoltaic (PV) installation market is segmented based on technology, grid type, end use, and geography. Based on technology, it is classified into thin-film and crystalline silicon. Crystalline silicon is further divided into monocrystalline and multicrystalline. Based on grid type, it is bifurcated into grid connected and off-grid. Grid connected is further categorized into centralized and decentralized. By end use, it is classified into residential and non-residential. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The market growth is boosted by demand for solar power in the emerging markets of all continents, especially in areas where electricity is needed the most. Moreover, rapid expansion of the market is due to the increase in competitiveness of solar photovoltaic and rise in government initiatives and programs, owing to increased demand for electricity. In addition, the demand for rooftop PV is driven with the start of feed-in-tariff (FIT) programs in several countries. Moreover, countries switch toward solar photovoltaic (PV) potential to overcome problems of alleviating pollution and CO2 emissions. Furthermore, use of solar photovoltaics in countries, such as India and China, was catered, owing to response to national feed-in tariff (FIT) payments and other incentives that aid in alleviating chronic power shortages and increase reliability.

The global rooftop solar photovoltaic (PV) installation market provides various opportunities to the market players, owing to disposable incomes and rapid growth in the global economy. Moreover, rooftop solar PV development in countries, such as Japan and Germany, is dependent on financial incentives and metering arrangements, as well as regulations of grid connectivity and motivating business strategies leading to increase in solar installations. However, rapid increase in solar power has led to grid congestion issues and interconnection delays in several emerging nations. In addition, Insufficient grid capacity create hurdles in set up of new plants, which is making key players over cautious of the installation of solar PV as it could lead to delays in subsidy collection as well as issues related with quality of solar panel.

Top Investment Pockets

China is projected to be the most lucrative region owing to its rising governmental initiatives and feed-in-tariff programs that is further leading to development of rooftop solar PV market. These initiatives have led to connectivity of remote areas to electricity coupled with growing demand for clean energy being it cheaper than fossil fuels and nuclear electricity.

Top Investment Pockets

Segment Review

The grid connected segment dominated the global market in 2016, and is anticipated to maintain its dominance throughout the forecast period. The non-residential segment is estimated to grow at a significant CAGR of 12.4%.

Asia-Pacific accounted for a considerable share of the total revenue in 2016, followed by North America and Europe. Moreover, the demand for solar photovoltaics is on a rise in Latin America, specifically in Africa, owing to presence of widely distributed solar resources and is expected to witness high growth during the forecast period.

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Rooftop mounted systems are lesser capacity mounting systems in which solar panels are fixed on top of roofs as well as on facades of building. Rooftop PV systems on residential buildings typically feature a capacity of about 5 to 20 kilowatts (kW), while those mounted on commercial buildings lie in the range of 100 kw and more. Rooftop solar photovoltaic are preferred over other sources of electricity generation as they possess minimum maintenance and is pollution free. The rooftop solar photovoltaic market is expected to grow at a rapid pace during the forecast period, which is attributed to the enhanced demand for electricity and the initiatives and support extended by government to reduce VOC’s emissions.

Rooftop solar photovoltaic has gained popularity in the recent years, owing to rise in importance of renewable sources of energy. In addition, grid-connected rooftop solar photovoltaic are witnessing increased demand due to availability of solar panels at lesser manufacturing costs. Moreover, grid connected have witnessed great demand not only for the residential and non-residential applications, but also for off-grid repeater stations for mobile phones and radio beacons.

The Asia-Pacific market offers lucrative opportunities for the key manufacturers, owing to rapid installation of rooftop solar photovoltaic to increase renewable generation. In addition, emerging economy, such as India, is expected to witness major growth under the implementation of Jawaharlal Nehru National Solar Mission (JNNSM) that aims to install 20 GW of grid connected rooftop solar by 2022.

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